Farepak fund to close tonight

29-11-2006

Farepak fund to close tonight
The fund set up to help those who lost money through the collapse of the Farepak Christmas savings scheme will close this evening at 18:00 GMT.

The Farepak response fund was launched after the Christmas hamper savings scheme went bust in October, leaving about 150,000 people with average losses of £400, although some customers will have lost far more than this amount.

About £5.8 million is believed to have been raised by the fund but this is only ten per cent of the total loss by Farepak customers. The biggest contributor to the fund is the bank HBOS which lent money to the parent company of Farepak, European home retail, and has been heavily criticised in the collapse of the company.

Now in administration, Farepak customers can only hope for four or five pence back for every pound of their lost money.

Organisers of the response fund hope to distribute the money before Christmas while in Wales, Farepak customers can apply for emergency loans to help with the costs of the festive period.

Some of Britain's biggest retailers have also offered to help those who have lost out, with Tesco donating £250,000 to the response fund and Sainsbury's offering 25 per cent of the value of their savings in vouchers.


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